News

Oman participates in the ministerial meeting of the Global Coalition Against Daesh

08/06/2023

Represented by the Foreign Ministry, the Sultanate of Oman took part on Thursday in the ministerial meeting of the Global Coalition Against Daesh. Held in Riyadh, Saudi Arabia, the meeting brought together delegates from Arab and friendly countries, as well as representatives of regional and international organizations. Oman's delegation was headed by Foreign Minister Sayyid Badr Hamad al Busaidi. The meeting dealt with ongoing global efforts to eliminate hotbeds of terrorism, in compliance with the objectives of the United Nations and the UN Charter aimed at maintaining international peace and security.

NCFI concluded MOUs on information exchange

23/05/2023

On 22-5-2023, The National Centre for Financial Information (NCFI), concluded Memorandums of Understanding with both Algerian Financial Information Processing Cell (FIPC) and the Lebanese Special Investigation Commission (SIC) in the field of exchange of information related to money laundering and associated crimes and Terrorism Financing. This took place during the 36th MENAFATF plenary which was held in the Kingdom of Bahrain.

NCFI concluded MOU with Iraqi AML/CFT Office

22/05/2023

On 21-5-2023, The National Centre for Financial Information (NCFI), concluded a Memorandum of Understanding with Iraqi Anti-money laundering and Terrorist Financing Office (AML/CFT) in the field of information exchange related to money laundering crimes and associated offences. This took place on the sidelines of the 36th MENAFATF plenary which was held in the Kingdom of Bahrain.

Designating a number of individuals and entities in the Local List

07/05/2023

The Targeted Financial Sanctions Committee has issued a decision on 7th May 2023 to designate a number of individuals and entities in the Local List of Sultanate of Oman for their links to terrorism and its financing.

NCTC takes part in "Country Training Program"

20/03/2023

The National Counter Terrorism Committee (NCTC) participated in the "Country Training Program" organized by the National Committee for Combating Money Laundering and Financing of Terrorism in collaboration with the Financial Action Task Force (FATF) during the period 14th – 16th March 2023. The training program is part of Oman's preparations for the mutual evaluation of (AML/ CFT) regimes for 2024.
The “Country Training Program” is aimed at familiarizing participants with the stages of mutual evaluation process, reviewing the technical compliance and its effectiveness, and exploring the best practices of effective compliance policy and collection of information. In addition, the program conducted hypothetical interviews based on some direct results of the evaluation methodology used by the FATF Group; which contributes to raising the awareness and knowledge of all aspects of the evaluation process.

Oman’s National AML/CFT Strategy approved

07/03/2023

During its first meeting of 2023, the National Committee for Combating Money Laundering and the Financing of Terrorism has approved the AML/CFT National Strategy for the period 2023 – 2025. The Strategy is another clear manifestation of Oman’s consistent political commitment in leading the modernization in the AML/CFT and combating the financing of proliferation of WMD as well as the effective implementation of international standards to address existing risks.
It includes a number of objectives; notably the continuation of developing national risks understanding, concentration of efforts on the financial investigations and seizure of crime-related properties. This is in addition to digitalizing and automation of the risk assessment mechanisms and promoting the risk-based approach in the context of regulation measures of the precious metals and gemstones dealers. It is note-worthy that the strategy was approved following the complete fulfillment of the 2020 – 2022 National Strategy’s objectives.

National Counter Terrorism Committee participates in capacity building workshop on the exchange of experience and expertise

02/03/2023

The National Counter Terrorism Committee of the Sultanate of Oman participated in the capacity building workshop on the exchange of experience and expertise in the Mutual Evolution Report (MER) of the Financial Action Task Force (FATF). The workshop was conducted via online video conferencing on 1st March 2023 in coordination with the Terrorism Financing Targeting Centre (TFTC) and the U.S. Department of the Treasury, with a participation of approximately 80 experts representing member states of the TFTC.
The participation of the Sultanate of Oman in the workshop reaffirms the importance of constant training and strengthening strategic partnership and its significance in raising the capabilities and skills of the national professionals. The workshop also represents an opportunity to share ideas and exchange experience between TFTC member states on the best practices relating to promoting joint efforts of countering terrorism and its financing internationally; ensuring regional and global security and stability.

A workshop on the National System of Combating Money Laundering and Terrorism Financing

23/02/2023

The Capital Market Authority (CMA), in the Sultanate of Oman, in coordination with the Ministry of Justice and Legal Affairs conducted on 21st February 2023 a workshop on the National System of Combating Money Laundering and Terrorism Financing. The workshop targeted the compliance officers and the persons of similar status in the companies subjected to the CMA regulation in the sectors of Capital Market and Insurance.

Workshop on "Modern Legislative System to combat Money Laundering and Financing of Terrorism"

14/02/2023

On 13th February 2023, the Ministry of Justice and Legal Affairs held a workshop on the modern legislative system to combat the money laundering and the financing of terrorism. The workshop introduced a number of aspects, including the concepts of money laundering and the financing of terrorism. It has also reviewed the modern legislations and the roles assigned to the Ministry and the practitioners within this new system.